MANY ORGANISATIONS do not see human capital measurement as a priority for their business, and employers need to develop a model to value and benchmark the change in human capital as a result of the ageing workforce, according to one of Australia’s leading career counsellors.
“To enhance productivity and participation in the workforce, we need to address everything from cultural barriers and young people entering the work force to the rapid introduction of new technology and the impact it’s having on mature age workers and our ageing workforce,” said Peter Carey, national president of the Australian Association of Career Counsellors.
As there will be substantial number of people over 55 years of age and a significant number of employees in their 70s, 80s, and 90s in the future, Carey said looking after the needs of mature age workers will become paramount.
“Employers need to understand the role they play in helping achieve a talented workforce,” he said. For those employers that are unwilling to embrace flexible HR practices to motivate older workers to stay on longer, Carey said the consequences will be grim.
“Employers will need to raise their sensitivity to these attitudes for a portion of their older workforce. Perceptive employers who can benefit from the wisdom, experience, and maturity of older workers will maintain a consciously supportive insurance program for employees,” he said.
“The challenges for employers associated with the ageing workforce are creeping up on them and unfortunately very few employers are prepared.”
Employers that can offer part-time, flexi-time, or job-sharing will attract more stable, dependable, and high performing seasoned employees, he said. “Designing flexibility into benefits design and administration will make a big difference in the competition for top talent.”
As the labour market becomes increasingly tight, Carey said knowledge that can be gained through human capital measurement will become increasingly important.